Partly allowed

Shribalaji Export & Mfg. (P) Ltd. v. Value Added Coating Solution Pvt. Ltd. & Ors.

Delhi HC17 Dec 2024O.M.P. (COMM)/4/2015

Case brief

AI extract

What is this about?

This order addresses two distinct matters. First, an application to substitute banks as assignees of non-realizable assets was allowed without opposition. Second, in a separate note regarding the same O.M.P. number, a petition was dismissed as withdrawn following a settlement between the parties.

What did the court decide?

Application for substitution allowed; main petition dismissed as withdrawn.

Shribalaji Export & Mfg. (P) Ltd. Vs Value Added Coating… — Company and Corporate | Delhi HC (2024)

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$~34

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- O.M.P. (COMM) 4/2015

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SHRIBALAJI EXPORT & MFG. (P) LTD. .....Petitioner

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Through: Mr. Sajal Jain, Adv. for applicant banks (Axis Bank and PNB) (through v/c)

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versus

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VALUE ADDED COATING SOLUTION PVT. LTD. & ORS.

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.....Respondents Through: Mr. Shubham Kumar and Mr. Ajay Vikram Singh, Advs. (through v/c)

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CORAM:

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HON'BLE MR. JUSTICE SACHIN DATTA

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O R D E R % 17.12.2024

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IA No.48099/2024

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This is an application seeking substitution of the original petitioner i.e. Shribalaji Export &Mfg. (P) Ltd. with the applicant, i.e. Axis Bank and Punjab National Bank, being assignees of the “debts / non-readily realisable assets” of Shribalaji Export & Mfg. (P) Ltd.

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The assignment took place vide order dated 02.08.2021, passed by the NCLT, Principal Bench, New Delhi and through an Assignment Agreement dated 13.01.2022. The present application has consequently been filed by the concerned banks.

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The application is not opposed by learned counsel for the nonapplicant. Consequently, the same is allowed.

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Let an amended memo of parties be filed within a period of one week.

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This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 23/12/2024 at 12:12:59

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O.M.P. (COMM) 4/2015

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Learned counsel for the parties submit that a settlement has been arrived at between the parties. Consequently, all outstanding disputes between the parties stand resolved in terms thereof.

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In the light thereof, learned counsel for the petitioner seeks to withdraw the present petition. The present petition is accordingly, dismissed as withdrawn.

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SACHIN DATTA, J

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DECEMBER 17, 2024/ cl

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This is a digitally signed order.

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The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 23/12/2024 at 12:12:59

Shribalaji Export & Mfg. (P) Ltd. v. Value Added Coating Solution Pvt. Ltd. & Ors.

Case brief

What is this about?

What did the court decide?

Shribalaji Export & Mfg. (P) Ltd. v. Value Added Coating Solution Pvt. Ltd. & Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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